Mortgage refinance rates vary based on numerous factors unique to you. When you see rates advertised, remember these are general indicators—your specific rate depends on your individual circumstances and refinancing goals. At the Corey Johnson Team, we clearly explain how these factors affect your rate and help you secure the best option available.

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🎯 Key Factors That Influence Your Refinance Rate

Your personal refinance mortgage rate will be impacted by:

● Credit Score:
A higher score typically means a lower rate.
● Loan-to-Value (LTV) Ratio:
The percentage of your home’s value you want to borrow affects your rate.
● Property Type:
Rates vary between primary residences, second homes, and investment properties.
● Type of Home:
Condominiums, manufactured homes, and single-family homes may have different
rates.

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🔑 Factors Affecting Today’s Refinance Rates

Certain features of your refinance significantly influence your interest rate:

● Loan Term: Shorter-term loans, such as 15-year mortgages, generally have lower rates
than longer-term (e.g., 30-year) mortgages.
● Fixed vs. Adjustable Rates: Adjustable-rate mortgages (ARMs) often offer lower initial
rates but can fluctuate after the initial period.

● Loan Type: Government-backed loans like FHA, VA, and USDA typically offer lower
rates than conventional loans, though they may include additional costs (such as
mortgage insurance premiums and guarantee fees).
● Cash-Out Refinancing: Rates for cash-out refinances are usually higher than standard
refinances due to increased lender risk.

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📌 Refinance vs. Purchase Rates: What's the Difference?

It might seem logical that refinance and home purchase rates would be identical. However, refinance rates can sometimes be slightly higher. Why? Lenders consider refinance loans differently based on risk:

● A rate-and-term refinance (adjusting the interest rate or loan term without increasing
the principal) usually carries less risk, resulting in lower rates.
● A cash-out refinance (withdrawing equity) involves higher risk due to the increased loan
balance, typically leading to a higher rate.

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️ Tools & Resources for Refinancing

Make informed refinancing decisions with our helpful resources:

● Refinance Calculator: See your potential monthly savings instantly.
● Refinance Guidebook: Step-by-step instructions for refinancing.
● Mortgage Resources: Comprehensive articles and insights.
● Refinance FAQs: Answers to commonly asked refinance questions.
● Mortgage Terminology: Simplified definitions of key refinancing terms.

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🚀 Getting Started: How to Refinance Your Mortgage

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Navigating refinancing options can feel overwhelming, but we're here to help. The best way to start is to contact our experienced loan officers at Corey Johnson Team. We'll discuss your financial goals, review your unique situation, and guide you smoothly through the refinancing process.

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📖 Helpful Articles for Refinancing

● When Should You Refinance Your Mortgage?
● Understanding the Costs of Refinancing
● Cash-Out Refinancing Explained
● What Is Loan-to-Value (LTV) Ratio?
● Pros & Cons of Refinancing Your Home

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🌟 Ready to Refinance Your Mortgage?

Let the Corey Johnson Team at CrossCountry Mortgage simplify refinancing and help you reach your financial goals.
Contact us today to find your ideal refinance option!